The initial public offering (IPO) of Life Insurance Corporation of India (LIC) is likely to open on May 4, according to news reports citing sources privy to the development.
The government is likely to file the red herring prospectus for the LIC IPO by Wednesday.
The issue is expected to close on May 9. The anchor book for the LIC IPO is likely open on May 2, according to a report in CNBC-TV18.Sources said that the Board is likely to meet on April 27 to decide on the appropriate size and price band, according to a report in The Economic Times.
The government, which wholly owns the insurance behemoth, plans to sell a 3.5 percent instead of 5 percent as mentioned in the previous Draft Red Herring Prospectus (DRHP), ANI said.LIC has cut the size of IPO from 5 percent to 3.5 percent due to the market condition.
